The following items are taken from the financial statements of (X) Company for the year ending December 31, 2010: $ 18,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash 11,000 28,000 21,000 15,000 Capital1/1/2010 Drawings Depreciation expense Insurance expense Note payable, due 30/6/2011 Prepaid insurance (12-month policy) Rentexpense Salaries expense 102,000 14,000 12,000 3,000 70,000 6,000 17,000 32,000 Service revenue 133,000 Supplies Supplies expense Equipment 4,000 6,000 210,000 28. What are total current liabilities at December 31, 2010? b. $70,000 a. $18,000 c. $88,000 d. $0 29. What are total long-term liabilities at December 31, 2010? c. $88,000 a. $0 b. $70,000 d. $90,000 30. What is the company's capital at December 31, 2010? b. $74,000 a. $130,000 c. $85,000 d. $66,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is